Business, 06.05.2020 16:01 Mynameismath

Blanton Corporation purchased 15% of the outstanding shares of common stock of Worton Corporation as a long-term investment. Subsequently, Worton Corporation reported net income and declared and paid cash dividends. What journal entry would Blanton Corporation use to record the dividends it receives?

a. debit Investments—Worton Corporation; credit Cash

b. debit Cash; credit Dividend Revenue

c. debit Cash; credit Investments—Worton Corporation

d. debit Investments—Worton Corporation; credit Income of Worton Corporation

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Blanton Corporation purchased 15% of the outstanding shares of common stock of Worton Corporation as...